In a surprising turn of events, the prominent contributor and developer behind Dogecoin Mishaboar has hinted at the possibility of stepping away from the project if the cryptocurrency were to transition to a proof-of-stake (PoS) consensus mechanism. This revelation came as a response to the question of whether he would stake Dogecoin if given the chance.
Alex DovbnyaThe developer's stance on a potential PoS switch is rooted in his skepticism of the mechanism's efficacy. Drawing from his extensive involvement in Dogecoin over the past two years, he expressed concerns about the practicality and risks associated with PoS chains. He highlighted issues of centralization, catastrophic failures and regulatory challenges that have marred other PoS projects. Additionally, Mishaboar questioned the compatibility of PoS with a significant portion of Dogecoin's supply held within exchanges.
If this refers to false "staking", based on lending then no. The risk is too high unless you are an insider (and even then…).
If this refers to a remote possibility of Doge ever switching to PoS, after what I have seen over the past 2 years, i would probably then move to…— Mishaboar (@mishaboar) August 20, 2023Advertisement
Dogecoin and PoS
While the talk of a consensus shift started playfully in 2021 with Vitalik Buterin's proposal, the DOGE road map later hinted at a PoS transition. However, almost two years have passed without any concrete steps in that direction. As can be seen, the sentiment among core DOGE developers appears cautious, suggesting that a shift might not be imminent.
Mishaboar's potential departure could resonate deeply within the Dogecoin community, given his influential role. The developer's apprehensions about PoS raise vital questions about the future trajectory of Dogecoin and the broader crypto landscape.
Yuri MolchanAs the debate over consensus mechanisms continues, the Dogecoin community remains divided on the path forward. Whether the project will ultimately embrace PoS or adhere to its proof-of-work roots, the uncertainty surrounding this pivotal decision adds a new layer of complexity to the already dynamic world of digital currency.
Yuri Molchan
Denys Serhiichuk
Dan Burgin
Alex Dovbnya
Vladislav Sopov